sided with the opposition and defined the prime minister by voting for demands to cut the money britain hands over to brussels every year cameron's deputy has already warned the budget crisis may leave britain in the blog here i'm p. politics but we use frustration over eve diligence continually growing out of the majority of the british want to go with. the public and glasses the austerity doesn't exist in the european union and might exist in the member countries where we're asking to cut back on almost everything we have real estate is the out the money. it doesn't matter they spend more and more every single year the budget goes up a member states including states greece and portugal and ireland who are in serious trouble will be asked to put their hands in their pockets and give multiple szell's that's wrong. of britain actually out of the states which is in the code and see. some with the tune of around fifty million pounds a day just to be members of the. recounts the mega amounts of money the street tens

of billions it costs to comply with e.u. directives and regulations so it's bad and some of the british people it's something we know happy about you look at recent opinion polls eighty percent of people want a referendum so around sixty percent of people actually want to leave the european union altogether so the people are certainly moving away if the european union was a company directors on the chief executive role be in jail but it's not it's cruel to not to move the reason why the british people want that referendum i want to leave now waves of the financial crisis keep rolling across you are bringing many small companies to the brink of bankruptcy but there is one man who has decided to lend a hand to those who only receive a cold shoulder from the big players and that's by founding is our bank laura smith has more on that story. hello. well don't look like you did fish which is a cheeky northern charm he made his fortune selling minibuses in his. hometown of

burnley but instead of fancy holidays and expensive cars when the credit crisis hit dave wanted to give something back so he decided to open a bank two thousand and eight early two thousand and nine my mini. me to get funded for. fifteen years but overnight that just stopped the banks just stopped lending to the to the customers and i'm thinking have a done something wrong have they made a mistake of the. you know it's not the people that are the problem it's the banks the problem try thought outland so that's what i did bank on dave he says although thanks to extensive red tape he's not actually allowed to call himself a bank and he's keen to differentiate himself from banks in other ways too he offers five percent on savings and he lends that money out to his local community and no bonuses and the profits go to charity. but there just

isn't a day in every town more's the pity so his isn't a model which could be rolled out nationwide in its current form but financial experts say lessons can be learnt for a healthier banking system one point is clear and this is a point that the bank makes in a way is that banking has just moved too far away from its roots and its basic need to understand to saving with. highly leveraged gains over the last sixty. days ultimate goal is to bring banking back to its roots no more faceless conglomerates where computers and mavericks make the decisions and the one percent pockets unimaginable bonuses instead local banks for local people run by the community to benefit the community it's not a new idea in fact it's how. banking used to be for the mega bucks and mega banks

stepped in and dave still taking to get some political support you have to take save us money and invest it in real productive activity to take responsibility for doing it which is not the way that banking currently works in his. kind of crazy way showing the way to a better banking system which is responsible. in touch with entrepreneurship which actually could be the basis for going forward there's certainly got to be some way forward as wave after wave of scandal hits the financial sector banking on dave and others like him looks more and more attractive one of the sayings i use a lot of people who rob banks go to person banks who real people get paid bonuses to stop laura smith r.t. birmingham. later this hour our team talks to political analyst and sociologist jack goldstone are the e.u. leaders are doing wrong and where their policies could ultimately lead.

europe essentially has a double problem they have how do we get southern european and northern european economies to move in the same direction and for that i think the answer is don't pursue our spirity pursue growth and then there's a second problem of once countries are all moving in the same direction can you fix the european financial system and create united structures so that this problem doesn't appear again as it may appear in the next economic difficulty if the current division among national financial systems isn't isn't fixed. now a central voting commission any a crane has a span of counting until monday did a report of the sorters in several polls the opposition is claiming the election has been blatantly rigged by the ruling party it was actually has also been

overshadowed by scuffles between supporters of the opposition and police which broke out in the region in which both pro and anti-government candidates claim victory at the election commission and police lashed out at the man who lunged at the ballot boxes holes for day the ruling party a presidency out of college will retain its lead but lose its two thirds majority results are also expected to show a strong performance by the nationalist freedom party known for its zenith phobic statements it could again around ten percent of the vote with solid results in the west and in the capital. well headline had online rather to find out that gazing up at the international space station from your own backyard is now possible as their cell launches do some test service notify users where the station is visible from arms. and an elephant in south

korea proves a tronc is no obstacle to talking so go to a website for that story and much much more. every fourth of the british media says the u.k. is on standby to sand warplanes to the persian gulf vinicius which aims to boost british presence in the turbulent region comes after talks with the united arab emirates were the jets are expected to be stationed but given israel's persistent calls on its western partners to attack iran's nuclear facilities a move such as london's is bound to destabilize the situation in the regions as anti-war activists john. this is not the first report we've heard all

western increased deployments in the area there have been a whole spate of them in recent weeks and months which all point in the same direction all be increased u.s. british and western nations deploying a great deal more than the normal commitment to the gulf area not big enough in normal times of i think we all understand what the imperial structure of the of the middle east is that the western powers of america with the support of britain the european powers believe that it has an absolute right to control this area of the globe i need to employ the israeli state has its watchdog we reach tori's that the israelis and the us are now come to an agreement about a time scale within which they must deal with iran so that's going to happen the day after the us elections but i do think things will move will be clear exactly what the program deploying further pressure on the iranian regime is in a week or so it's time. to look at some other stories from around the world guard

has lost his life trying to prevent a suicide bombing in somalia's capital mogadishu to attack us detonated the explosive devices in a popular restaurant after refusing to go for a security check the anti-government islamic extremists are sought to be behind the glass. and it suspected members of a jihad his group attacked a police vehicle leaving three officers dead authorities have cordoned off the city of el arish in north sanaa in an attempt to trap the gunman and august in ships and thousands of troops to the peninsula after militants carried out the deadliest attack on police in the region in decades. while big pharmaceutical companies span a fortune developing medicines to cure the world's diseases they are products are often not affordable to people in developing countries in india whatever one bio lab is working on a vaccine which could save thousands of lives and cost just

a dollar or just pray a shooter has more on that story. this is india's genome valley inside these quiet sterile labs there's a revolution taking place that could change the world's approach to public health and potentially save the lives of one hundred thousand indian children every year biotech is an indian firm developing a one dollar vaccine against rotavirus a disease which causes diarrhea in influence and is deadly in the developing world but i think also like a new generation of most like us ok money making is also important but them solving the life saving those life or two hundred thousand child is also pretty critical a new study shows india is leading the way in treating people in remote areas in battling diseases which are shunned by the big pharmaceutical companies because immunizations in the developed world have all but a blitter a get them dr krishna ella believes the big pharma companies haven't really dived into creating products for developing markets because they haven't had the

financial incentive and that's why i like many of his fellow indian entrepreneurs he decided to look into it himself there are a lot of the focus of this short order shareholders are going to define what it was about you do the research for one billion dollars on the product id to five billion dollars says this is moving all. of them are going to be more focused on the migratory pieces because it's not of global importance india's leap into innovating for the under-served began when the country began complying with the global intellectual property law it forced them to stop making only cheap copies of existing drugs and branch out instead into new research and development creating vaccines isn't the only way to bow out on the collective diseases diagnostic tests are also key to identifying what the problem is this fabric chip is being developed here to chair a lab in bangalore the idea is with just one drop of blood on the spot for me you could diagnose at home or in a doctor's office potentially reaching millions of people in this country who don't have access to proper health care doctor done jiah done the koori. the brains

behind the fabric chip believes that other more profit driven companies will start to take an interest once they realize just how big this market really is a volume play just like. there's like millions or billions of this meeting sold no matter how she'd be trying is that people who get interested maybe the price find something to do in the west but it starts making sense and a report into india's growing r. and d. capability says the country might not need that big power players to make an impact in india has the. talent to be able to do these sorts of things and focus on the other important in this country and other developing countries taking matters into their own hands to save the lives of their countries people and not waiting for the big profit driven pharmaceutical companies to make the first play preassure either r t bangalore india. well coming up in just a few minutes r.t.

talks to political analyst and sociologist jack goldstone who explains how the e.u. and the us could return to passive economic growth. under the rug. we should not iran to cut the budget bring the troops home we should end the war in afghanistan. let's. i mean so the only city in europe i'm the host of the twenty fourteen winter the picket. sign see.

a. tsotsi. bank the. way a. dog days or. the fridays it. makes common. to see it's so true. well. science technology innovation all the latest developments from around russia we've got the future covered.

jack goldstone a us writer around sociologist specializing in many things including global

population trends and also the cultural origins of economic growth it's great to have you with us here today thank you now even before the year inception some skeptics were coming out and putting out arguments on why the euro wouldn't function and decides to economic arguments to were also saying the cultural differences were the huge problem between the different you states saying that labor habits are different spending and saving practices are different and many other reasons so how much of all of this is actually playing in to the economic and political divide that we're seeing right now in the european union the euro was invented really as part of a program to overcome nationalism where nationalism is perhaps an excessive attachment to some of those cultural differences that you mentioned the problem with the euro i don't think lies in the cultural differences it lies in the lack of a unified institutional framework for banking and financial decision making but

have has the problems with the euro now magnified the cultural differences and the problems in country cultural differences as well unfortunately when you have an economic crisis and national politicians try and find a solution it's always tempting to try and find a solution that respects the cultural differences because those are often the strongest feelings that people have in a crisis there are two ways to go with regard to the current euro crisis one is to build institutions for a european banking supervisor and a european. financial administration and european leaders are working on these the other direction to go is to emphasize the differences among european countries and try and tailor the way the euro functions to respond to those differences. there will be some of that because we're seeing deals with spain and with greece we

saw deals with ireland and portugal all of that does respond to those feelings of cultural difference but i think in the long run the whole goal of the euro is to minimize the impact of those cultural differences on people's standard of living and on their financial environment a couple of cut questions arise right away talking a little bit more on cultural differences yes we see different european leaders work on a common solution to save the king or to save the unity of the european union but still it seems so heart to find an agreement is specially if we see how germany's reacting to greece and how the u.k. is opposing the financial policies for example so is it lack of trust or is it yet once again the cultural differences that really come in the way of their finding the common solution there are cultural differences but they're not just european national differences if that was the only issue then the united states as

one nation would be able to solve its policy problems by agreeing on a solution as you know the united states right now is very divided between republicans and democrats who have different ideas about how to solve our economic problems and so very little is getting done in europe germans have a belief that the way to solve the problems is by more saving and more fiscal discipline the southern european countries believe the way to go forward is to promote economic growth and not worry so much at this moment. about the debt those differences are very similar to those between american democrats and american republicans well from the latest a french president francois hollande has sat that europe must advance at several speeds so some believe that we would be seeing the inevitable the emergence of a two tariq europe i think there is

a possibility i've written about that myself at the moment the levels of productivity in different european countries are large one can compensate for that with a unified set of financial structures but then that will take time for those structures to overcome the differences the instant way to say ok we have differences in productivity let's have a marked difference in the financial system for different countries and that would require splitting the euro whether it's a two tier system or a different access system or even perhaps in some extreme cases a return to national currencies and you've been bringing up the united states a lot we are going to have presidential well we are going to have presidential election in the us and yes we are domestic economy very much in focus at this point and although the united states economy is exposed to europe when you look at it willy hasn't taken a toll on it as much as one would expect why is that did open obama just get plain

lucky well i don't want to argue about whether obama is lucky or not there's a lot of evidence that he is unlucky and there is a lot of evidence that he has good luck we'll find out which is true when the election actually occurs but as regards the american economy the obama administration spent a lot of money on stimulus indeed if you look at net spending in the united states it has been much stronger since the onset of the recession in two thousand and seven than in most european countries european countries have been live. thing according to their belief in austerity so they have reduced government spending and they have raised taxes the united states was not able to raise taxes and did increase government spending now there's an argument about which is the best approach to restore growth i really believe what the american experience shows is that you shouldn't raise taxes during

a recession you should increase government spending and the reason european countries have had greater trouble is they have done what i think shouldn't be done they followed a policy before the recession was over i remember president obama got a great deal of criticism in the very beginning when he actually went for the stimulus packages and for the injection of stimulus and to the american economy but then again and it worked out like you said it worked out better than it did in europe but then again can the measures that are taken to. fix the american economy be taken into europe can going to same measures fix europe as well or you do you do need to have different approaches because it is two different things still there are different things europe essentially has a double problem they have how do we get southern european and northern european economies to move in the same direction and for that i think the answer is don't

pursue austerity pursue growth and then there's a second problem of once countries are all moving in the same direction can you fix the european financial system and create united structures so that this problem doesn't appear again as it may appear in the next economic difficulty if the current division among national financial systems isn't isn't fixed as the author of the over book on global population trends you have argued that the most important thing is really the distribution of population now that the rich economies are really out of steam and the globe. economic crisis god knows how long it will stay around will this economy sexual be capable of absorbing. even new scores of immigrants as they were for the last century well i think there's a third adjustment that europe has to make aside from responding to the existing crisis and improving the unity of financial structure and that is europe has to

adjust to the reality of zero population growth. europe after all was the fastest growing part of the world for much of the nineteenth century and even into the twentieth century and yet we're looking at a twenty first century in which most european countries will have very little or no population growth that means the structure of welfare health care pensions housing all these going to have to change now i am seeing very hopeful signs in many european countries that they recognize becoming more open to immigration and doing a better job of integrating the recent immigrants that they already have are going to be very important for restoring economic growth so i don't think there's a choice there i just think it's a question of how soon does europe accept the reality that its population needs to

be supported by immigration and that that's going to provide more of a benefit not a threat keeping in mind everything that you've sat i mean if everything goes by your scenario. and america's still today being the best places on earth to leave according to living standards. will they be america and europe be able to sustain their living standards like they are today i think they'll be able to sustain them to a good degree because they have the technology and the capital but it will take sensible economic policies if europe and the us continue to spend way too much on public benefits like pensions and don't pay enough attention to research and education to raise the productivity of future workers then things will decline so there is the risk that we got it wrong on the other hand there's no reason that european and american people and companies won't profit from the growth that takes

place in places like china and india it's already a global economy so i think the prospects are good but let me also. say even though places like shanghai or mumbai may not be as rich as london or paris they have their own attractions being at the center of something new and exciting and growing fast can be just as attractive as being in a place like zurich that has a lot of old but stable well jack goldstone thank you very much for this interview pleasure to be here thank you very much.

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this international rights on an international law we should not bomb iran we need to cut the budget and bring the troops all we should end the war in afghanistan tomorrow the first. with. let's all cause. let's repeal the patriot act. more news today violence is once again flared up. these are the images the world has been seeing from the streets of canada after. a child.